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FXCM Discussion

  • #1,161
  • Jun 17, 2010 10:01am Jun 17, 2010 10:01am
The presentations from the FXCM Currency Trading Expo are now available for download. Here's where to find the list http://www.fxcmexpo.com/workshops.jsp. Take a look on the left hand side of the webpage and there's a PDF icon for each workshop download.
  • #1,162
  • Jun 17, 2010 11:18am Jun 17, 2010 11:18am
Quoting hastings
I have to leave a positive mark here for FXCM as one of my recent trade was reviewed and re-settled properly by FXCM micro. Their professional service and honesty won me back.

I just upgraded my account from FXCM mircro to the Standard (10k) account. Just because the FXCM micro were still freezing sometime.

I believe there is no perfect broker and platform out there. Service and honorable attitude is most important.

I will comment later with my experience on the new standard trading station here for you review.

Special thanks to Jason.
What would you estimate the average time was for your orders to be processed at FXCM micro? How long did it take when it froze? How many times did it freeze?
The greatest force on earth is compound interest.
  • #1,163
  • Jun 17, 2010 2:12pm Jun 17, 2010 2:12pm
Quoting Saxon
My MT4 is not working. I try to book positions but it just says Order Accepted but does not execute and display. Is there an issue at FXCM? Anyone else having MT4 problems with FXCM?
Hey Jason,
Any update on this? This is a big deal.
  • #1,164
  • Jun 17, 2010 2:13pm Jun 17, 2010 2:13pm
Quoting Saxon
Hey Jason,
Any update on this? This is a big deal.
Just saw your PM
  • #1,165
  • Jun 17, 2010 2:13pm Jun 17, 2010 2:13pm
Quoting Saxon
Hey Jason,
Any update on this? This is a big deal.
Everything's up and running (www.fxstatus.com). Have you contacted client services?
  • #1,166
  • Jun 17, 2010 5:18pm Jun 17, 2010 5:18pm
Quoting Jason Rogers
Platform Update:

Mobile Trading Station II: A new version of the Mobile Trading Station II was released today for iPhone and Windows Mobile. The new version will allow you to trade CFD products (if available on your account). The Blackberry and Android versions will be updated by the end of this week.

US Oil: Please be aware that the USOil CFD contract expires on Friday (June 18th). Any open positions in USOil will be closed at expiration.

Let me know if you have any questions.

-Jason
Hi Jason

Could you please explain about how a Contract for Difference (CFD) can have an expiry date?
As far as I know CFD's are only available for stocks, indexes and those contracts have been used in the early days to hedge an open stock, index position instead of using options.
Are those CFD's a newly invented instrument or are they really futures contracts?
Also according to my knowledge any US Citizen is prohibited to trade CFD's so if it is available on your US platform surely they can't be CFDs.

Thanks for your explanation.
  • #1,167
  • Jun 19, 2010 7:30am Jun 19, 2010 7:30am
FXCM Micro has very high fees for withdrawals.
They charge $15 for international wire plus $40 as admin fee!
In total, $55 for 1 wire withdrawal!!!
They are greedy!
Other brokers charge $30 as maximum!
  • #1,168
  • Jun 19, 2010 10:18am Jun 19, 2010 10:18am
Quoting slovforex
FXCM Micro has very high fees for withdrawals.
They charge $15 for international wire plus $40 as admin fee!
In total, $55 for 1 wire withdrawal!!!
They are greedy!
Other brokers charge $30 as maximum!
some have free withdrawal.
The greatest force on earth is compound interest.
  • #1,169
  • Jun 19, 2010 12:15pm Jun 19, 2010 12:15pm
Quoting sebastionay
some have free withdrawal.
other brokers are FREE is you use ACH transfers in and out, no matter how many times you w/d.
  • #1,170
  • Jun 19, 2010 12:50pm Jun 19, 2010 12:50pm

Nice to see someone has the b*lls to put the truth out there.

Just thought I would share....

" We had a number of issues with FXCM and the said issues had a negative impact on our managed accounts. Some traders had margin issues while others did not but suffered substantial losses. I have decided that legal action will likely be initiated in the near future as they have refused to provide us with the MT4 trade logs to reconcile our accounts after we discovered that a technical problem between them and Boston Technologies (provider of the MT4 software for FXCM) resulted in thousands of dollars of erroneous trades. Trades we never took appeared on statements; trades we never closed were closed; trades taken on the MT4 platform would have a completely different entry time and price in the FXCM back office. At times there was a 12 minute delay and difference; And, we had a three week period where we could rarely trade, close existing trades or hedge because of a malfunction in the bridge between Boston Technologies and FXCM.

We have tried for several months to be proactive with FXCM and resolve the matter on an amicable basis but since we discovered the glitch (brought to my attention by one of their representatives) they have become increasing difficult and unresponsive. After the first $20-30k in errors was discovered and brought to their attention all of the journal data was eliminated or erased from our MT4 platform. I requested the MT4 journals for the entire time the account was open and have been repeatedly promised the data but to date have received nothing and it has been over 4 months. I have been in constant contact with one of the founding members of FXCM and their VP of Institutional sales and have been lied to repeatedly.

The CorrFxGroup still has some clients with FXCM and the problems appear to exist to this day. 20 minutes before the market close on Friday (May 17, 2010) I tried to close 6 or 8 positions on a client's account and for 20 minutes received error messages, 'trade context busy' messages and re-quotes for the entire 20 minutes. I was able to close some positions but two remained open after 20 minutes when I started to receive the 'market is closed' message when trying to close out the trades. I have screen shots of the trade journals for the entire 20 minutes to substantiate my claims. This is completely unacceptable for trading and I caution everyone still using FXCM to reconsider if they are also experiencing these problems.

When the issues from May 17, 2010 were addressed with FXCM I was advised that they would investigate. At that time I did not tell them I had the trade journals clearly showing the problems. After a week they responded and advised that the 'execution was flawless' and no issues were discovered. I responded by providing them the trade journals from the MT4 platform and after 3 weeks they responded by providing me with a copy of their risk disclaimer for MT4. Basically advising me that we use their software and our own risk and they cannot and do not guarantee anything.

The CorrFxGroup has moved all accounts to a new broker... "



*** Disclaimer *** I have no affilation with CorrFx

Trade to trade well, no excuses!
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #1,171
  • Jun 20, 2010 3:40pm Jun 20, 2010 3:40pm
does not surprise me. We have had this advisory outstanding regarding FXCM issues open since February 23, 2010. Issues were noticed before then.

they have known about these issues and not done anything about it. there are plenty of good brokers out there. no reason to be stuck on this one. good luck to you
BarrySDCA Commercial Network Services
  • #1,172
  • Jun 21, 2010 8:49am Jun 21, 2010 8:49am
Quoting John D

Nice to see someone has the b*lls to put the truth out there.
Hi JD,

I can't comment on specific client's accounts, but anytime a client has a technical issue we will investigate the problem to determine whether an adjustment needs to be made to make the client whole. In making adjustments, FXCM distinguishes from losses made as a result of an FXCM technical issues, and losses that resulted from a traders own decision making. Trading losses resulting from traders own decision making are not open for adjustment.

Jason
  • #1,173
  • Jun 21, 2010 9:24am Jun 21, 2010 9:24am
Quoting Pipstrumpf
Hi Jason

Could you please explain about how a Contract for Difference (CFD) can have an expiry date?
As far as I know CFD's are only available for stocks, indexes and those contracts have been used in the early days to hedge an open stock, index position instead of using options.
Are those CFD's a newly invented instrument or are they really futures contracts?
Also according to my knowledge any US Citizen is prohibited to trade CFD's so if it is available on your US platform surely they can't be CFDs.

Thanks for your explanation.
Hi pipstrumpf,

FXCM's oil cfd contract is based on the futures market contract which enables FXCM UK to manage the risk. Oil positions will typically expire a day before the current corresponding expiration date in the futures market. For example, the current crude oil (WTI) contract month expires on June 21 (today) so the FXCM USOil contract expired on Friday (June 19). The expiration calendar through December 2010 is listed on the FXCM UK website.

The cash index CFD's, such as the ones based on stock indices, do not have an expiration and remain open until closed by the client or the position is liquidated due to a margin call.

You are correct...CFD's are not available for US residents due to regulations. CFD trading is offered to non-US residents opening their accounts through FXCM UK.

A CFD FAQ can be found here http://www.fxcm.co.uk/cfd-faqs.jsp. Let me know if you have any other questions.

-Jason
  • #1,174
  • Jun 21, 2010 9:32am Jun 21, 2010 9:32am
Quoting slovforex
FXCM Micro has very high fees for withdrawals.
They charge $15 for international wire plus $40 as admin fee!
In total, $55 for 1 wire withdrawal!!!
They are greedy!
Other brokers charge $30 as maximum!
Hi slovforex,

Your post is incorrect. You're combining withdrawal fees for two types of accounts.

The micro withdrawal fee is $15 for the first monthly withdrawal from a micro account. The withdrawal fee for an international bank wire for a standard 10k account is $40. These are two different types of accounts. You don't combine the two.

Standard 10k accounts can withdraw funds for free when requesting a withdrawal back to credit card or debit card, or by paper check through the mail.

An FAQ for micro withdrawals is found in the micro support center .

Let me know if you have any questions.

-Jason
  • #1,175
  • Jun 21, 2010 10:51am Jun 21, 2010 10:51am
Quoting Jason Rogers
Hi JD,

I can't comment on specific client's accounts, but anytime a client has a technical issue we will investigate the problem to determine whether an adjustment needs to be made to make the client whole. In making adjustments, FXCM distinguishes from losses made as a result of an FXCM technical issues, and losses that resulted from a traders own decision making. Trading losses resulting from traders own decision making are not open for adjustment.

Jason
what you are saying is any time a client brings an issue to you that you will investigate it. How many are not even aware of an issue and not bringing any issues to you? since you have demonstrated you do not have any intention to fix your horrible MT4 platform (easily the worst in the industry in my professional opinion), how many of your traders are losing money to you and don't even know it?

you sound like you all have resigned to make technical issues business as usual. really sad state of affairs over there at fxcm
BarrySDCA Commercial Network Services
  • #1,176
  • Jun 21, 2010 11:03am Jun 21, 2010 11:03am
Quoting BarrySDCA
what you are saying is any time a client brings an issue to you that you will investigate it. How many are not even aware of an issue and not bringing any issues to you? since you have demonstrated you do not have any intention to fix your horrible MT4 platform (easily the worst in the industry in my professional opinion), how many of your traders are losing money to you and don't even know it?

you sound like you all have resigned to make technical issues business as usual. really sad state of affairs over there at fxcm
Hi Barry,

FXCM will investigate trades any time a trader is not satisfied with the execution of a trade. FXCM will also correct mistakes for technical issues even if a trader doesn't contact us, for example when a bad tick occurs such as during the bad tick in EURAUD back in February or if there is an out trade on the MT4 platform (which clients may not be aware of until we contact them).

Not all brokers may do so, but we will respond publicly and timely to make sure our clients are informed.

Jason
  • #1,177
  • Jun 21, 2010 11:06am Jun 21, 2010 11:06am
Jason to be fair I can not say that I have heard of issues with FXCM not adjusting accounts (except the ticket reply last page before this one). but you all seem to have issue after issue after issue. your mt4 logs do not look good at all. horrible actually. since we alerted you to the issue on feb 23 (and you probably knew about it earlier I am sure) there has been no progress in fixing it. we work with what is probably every single broker out there and nobody has the chronic issues that fxcm does.
BarrySDCA Commercial Network Services
  • #1,178
  • Jun 21, 2010 11:20am Jun 21, 2010 11:20am
Quoting Jason Rogers
Hi slovforex,

Your post is incorrect....
What are you talking about? $40 fee for international wire for standard account? I have a micro account. I ordered to withdraw 288 bucks and then I got 233 bucks! The system showed $15 fee for withdrawal and $40 admin fee.
So, I do not make up fairy-tales here.
  • #1,179
  • Jun 21, 2010 11:28am Jun 21, 2010 11:28am
Quoting slovforex
What are you talking about? $40 fee for international wire for standard account? I have a micro account. I ordered to withdraw 288 bucks and then I got 233 bucks! The system showed $15 fee for withdrawal and $40 admin fee.
So, I do not make up fairy-tales here.
I would be happy to investigate to see what is occurring here. It does not sound correct if you there was a charge of $55. Can you please send me an email ([email protected]) with the account number.
  • #1,180
  • Edited 8:14pm Jun 21, 2010 4:28pm | Edited 8:14pm
I wonder why the polling for the question... "Would You Recommend FXCM?" was closed at the top of the page?


Trade to trade well, no excuses.
JD
It's Easy To Get In;.. It's Hard To Get Out
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